Futureal Group sold its Skypark office building to the OTP Prime Property Investment Fund. The recently closed transaction increased the value of the fund’s property portfolio to over HUF40 billion. The complex, with 25,000 square meters of GLA, is located at the Corvin Promenade mixed use project in the center of Budapest and was designed to meet the needs of technology and R&D companies.
Skanska helps introduce the WELL Building Standard (WELL) to the market of Central and Eastern Europe. WELL is the preeminent building standard to focus on enhancing people’s health and well-being through the built environment. Spark is one of the first office buildings to pursue WELL Certification in Poland. Skanska will also apply for certification for its projects developed in the Czech Republic, Hungary and Romania.
Wing is transforming the Material Center building in Budapest, which until now has operated as a shopping mall, into an office building. The building, which has an area of over 20,000 square metres, will be fully converted and renovated to a high standard, to be reborn as the Skylight City office centre. The preparatory works have already begun, and offices are already available for rental in the building.
Demand continues to be strong on the Budapest office market and with new supply still limited the vacancy rate decreased further in Q1 2017. It now stands at 9.2% which is the lowest rate on record. The Budapest Research Forum published its newest figures.
M7 Real Estate announced that its first Central European fund for third party investors, M7 Central European Real Estate Fund I (M7 CEREF I), has now completed its final close, reaching its target raise of €60 million of investor capital. This follows investor commitments of more than €35 million at its first close in October 2016.
2016’s record-breaking €12.2 billion investment in the real estate sector in the CEE region is likely to be surpassed in 2017 – this is according to CEE Real Estate Investment Compass 2017 published by Colliers International and CMS. The sources of investment flows into the CEE region are also expected to remain diverse in 2017, with Asian and CEE investors becoming increasingly active in the real estate market.
Atenor confirmed the closing of the sale of the third building of the Váci Greens campus in Budapest to Hungarian real estate fund OTP Prime Ingatlanbefektetesi Alap and consequently the collection of the full sale price, i.e. €63.75 million. Váci Greens B comprises 25,300 sqm of office space and 399 basement parking spaces.
With the sale of its 51% holding in the Aerozone logistics park to M7 CEREF I in Budapest, CA Immo has completed the strategic withdrawal from the logistics segment that began in 2012. Over the past few years, almost 500,000 sqm of logistical space in total has been sold in Poland, Romania, Hungary and Germany.
In 2017, following its international assessment, CBRE has created a survey among real estate investors in Hungary asking them about their market expectations. At the CBRE Investment Breakfast investors turned out to be optimistic about the future. 43% of the respondents stated that the investment market might grow even by one-fifth from last year’s €1.5 billion and 23% stated that this year they might reach their highest turnover ever.
The La Mania boutique has reopened in the Westfield Mokotów shopping centre in Warsaw. Five new brands have also joined the tenants, including Apple and AB Foto.
Jula, the Swedish multi-market chain, is planning to open another shop in the Warsaw agglomeration. The new outlet will be established on the site of the San Park Mysiadło retail park currently under construction. The shop will occupy an area of nearly 2,500 sqm.
Primark has opened its first shop in Łodź, investing more than €9 million. Łódź Manufaktura is the brand's sixth location in Poland and twelfth in the Central and Eastern European region. Primark in Łódź comprises more than 3,300 sqm of retail space on one floor.
Nives Grzunov as the Head of Indotek Group for Croatia, effective from September 15, 2023. In this key role, Nives will oversee Indotek's Croatian endeavours under the Dalmatie Group brand.
Michał Różycki has taken up the position of director of the land and residential property division at Greenfields, a Polish company that provides advice on land sales and purchase transactions.
Nhood Services Poland is expanding its service activities for the commercial real estate industry. Anna Wysocka has been appointed director of New Business Development, responsible for expanding the company's client portfolio in this area.
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